Last night the Senate got 60 votes on the second of three crucial healthcare votes.
It’s looking very much as though healthcare in America is about to be radically overhauled.
But how are we going to pay for this radical expansion of coverage?
1) We hope and pray that with some cajoling and haggling we’ll “bend the curve down” of future healthcare costs, to use a favoured expression.
For example, the government will collect a new fee on any elective cosmetic surgery, like nose jobs and breast enhancements. But that’s just one way.
Fortunately, the Senate has put out detailed material on the bill, including all the new taxes coming our way.
So-called Cadillac plans -- any employer sponsored plan that costs more than $8,500 per year -- will face a 40% additional marginal tax.
Taking money out of your Health Savings Account early, for non-medical purposes, will get you slapped with a 20% tax. That's up from 10% now.
Love your flexible spending account? What you can donate to it is capped at $2500 per year. Previously, there was no cap.
If your employer pays for your drugs, but you're eligible for Medicare Part D, that's no longer tax deductible.
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